Galaxy Digital founder and CEO Mike Novogratz predicts a meteoric rise for Bitcoin (BTC) that could drive the value of the king cryptocurrency to heights never seen before.
He recalled that he predicted that Bitcoin reach $500,000 by 2025, Novogratz He says in a new Bloomberg interview that he still believes that BTC could reach its massive price target, but also notes that it would take longer than he originally expected as macroeconomic conditions have changed.
“Not in five years and I’ll tell you why – the biggest change that happened and the reason Bitcoin went from $69,000 to $20,000 is [Federal Reserve Chairman] Jay Powell decided to find his central banking superpowers and start hitting inflation with a series of rate hikes that have taken them from 0% to 4+%.
It’s more or less that simple. That’s why all the assets, all the frothy assets, the growth assets that were ‘inflation hedges’ fell because we are in the process of beating inflation on the head…
That’s the main reason why crypto fell.”
With Bitcoin trading at $17,041 at time of writing, a move towards the Novogratz target suggests 2.834% upside potential for BTC.
According to Novogratz, crypto assets will eventually recover once the industry emerges stronger after the damage caused by the collapse of companies such as digital asset lenders BlockFi and Celsius, as well as crypto hedge fund Three Arrows Capital.
“The rest of this nonsense that we’ve had between Three Arrows and BlockFi and Celsius and all these companies that were mismanaged or fraudulently is certainly hurting overall confidence in cryptocurrency.
But this too must pass. They will be discarded in the dustbin of history. And the industry itself will emerge, having learned its lessons, stronger. And you will see that the price goes down again”.
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Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investment in Bitcoin, cryptocurrencies, or digital assets. Please note that your transfers and transactions are at your own risk, and any loss you may incur is your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, and The Daily Hodl is not an investment adviser. Please note that The Daily Hodl is involved in affiliate marketing.
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